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Gaining a Better Understanding of CalPERS Loans
CalPERS loans have been offered for more than 25 years, providing qualified members of the program great cost-saving assistance and protection, whether purchasing a new home or refinancing an existing home. Loans under this program are available throughout the country, providing a wide range of options.
People that benefit from CalPERS loans are anyone that is a current, past, or retired member of CalPERS, as well as the Judges’ Retirement System and Judges’ Retirement System II and Legislators’ Retirement System. Along with incredible choices of CalPERS loans, members also get the lowest interest rates available and can qualify for special loan programs.
The variety of CalPERS loans is quite impressive. For instance, members could choose a conventional loan with adjustable or fixed rate interest. Not only are conventional loans available for new home purchase, but also refinancing. Government loans are also available, which includes FHA loans that have HUD underwriting. Even Interest-only loans are an option, set up with adjustable or fixed rate interest and for a period of seven to ten years.
Another option for CalPERS loans is for 100% financing. Under this category, members actually have multiple program options designed to lower the amount of required down payment. Along with the homeowner choosing a standard type of loan, CalPERS loans can also be specially designed. For instance, a member could take out a conventional loan coupled with special programs that would help if income were low to medium or if the person were a first time buyer. Usually, these special loan programs require a very small down payment, if any at all.
Members offer other loans to include 401K and asset secured loans. In this case, a person wanting to buy a home but without proper funding for a down payment could go through the qualification process for a personal loan, using the money as the down payment for buying a home.
Role of the CalPERS Loan Officer
Any person that works as a CalPERS loan officer has completed in-depth training so members are provided the best service, greatest loan options, and lowest interest rates possible. Therefore, anyone originating a CalPERS loan has undergone basic and advanced training services so members are provided with marked savings and great protection when buying a new home or refinancing an existing home.
This means that a CalPERS loan officer cannot offer people loans under this program until all required training and workshops have been completed and passed. The benefits are tremendous, providing a new and innovative revenue stream for the lender but the most attractive mortgage loans to the borrower, so everyone wins.
Each CalPERS loan officer completes a standard training services course, as well as an advanced training course. At the completion, this person must take a knowledge test and if passed, he or she would become a certified loan officer for CalPERS. One of advantages is that the CalPERS loan officer would be able to receive loan referrals directly from CitiMortgage. However, the loan officer must meet a specific level of production for each quarter and complete new certification annually.
For the borrower working with a CalPERS loan officer, this is great news. The borrower is being provided with professional services from a motivated lender. Therefore, the loan officer goes out and searches for the best loans and lowest interest rates available rather than settling on something subpar. As a result, members are provided with a cohesive list of loan options, many with low down payments.
In addition, the CalPERS program sets rates daily and limits the fees that can be charged, so you do not need to worry about getting the best deal. Borrowers have the opportunity to look at a loan officer’s record, and then choose the professional based on level and degree of service history.
